I’m Dave and my wife and I took the traditional college route, getting our degrees in Education and Psychology. It wasn’t until our early 30’s that we started making over $40k each, despite not really using our degrees. We were super frugal in our 20’s and 30’s to pay off our student loans, missing out on a lot of the fun stuff our friends were doing.
After struggling to have a child, we went through 4 IVF cycles in our late 30’s, trying other procedures before that. Thankfully, our income has gone up in the past few years, and we’ve seen some good returns on investments. Here’s where we’re at:
- $30k in savings
- $70k in a HYSA, which is at 4.7% (that’s around 59k usd)
- $205k in 401ks
- $275k in a brokerage
- $300k equity in our home with about $300k left on it at a 2.7% rate (around 240k usd)
- $10k left on a car payment at 1.99% apr (roughly 8k usd)
- Usually get a $15k bonus, some goes into the 401k, and the rest gets added to our Fun fund, which I don’t count in our budget.
We have a toddler and even though we’re older parents, we’re trying to enjoy life more now. We’ve shifted from being super focused on saving to a more balanced “have fun within our means” approach. This has made us a lot happier and more positive overall. Life can be tough sometimes, but we’re grateful we’ve found a way to stay positive.
Sorry if this all comes off as braggy or out of touch, that’s not my intention. Just wanted to give you a look at our new budget outlook. Hope you’re doing well!
Farewell, Dave
Response from THE MONEY MINDER:
Hello There,
Congratulations on making significant strides in your financial journey and for finding a more balanced approach to enjoying life within your means. It’s clear that you and your wife have worked hard to achieve financial stability, and it’s admirable how you’ve adapted your outlook to prioritize happiness and well-being.
Considering your current financial situation and goals, it’s essential to continue being mindful of your spending and saving habits while also allowing yourselves to enjoy the fruits of your labor. With a toddler in the picture, it’s understandable that you want to create lasting memories and experiences as a family.
One practical approach could involve setting up a structured budget that allocates funds for savings, investments, and fun experiences. You can consider creating a separate “Family Fun Fund” where you contribute a set amount each month to cover activities, outings, or special treats for your family. This way, you can enjoy quality time together without compromising your financial goals.
It’s also beneficial to review your financial goals periodically to ensure they align with your evolving priorities. As your home equity grows and your income increases, you may want to revisit your investment strategy or retirement planning to maximize your financial well-being in the long term.
In conclusion, by balancing financial responsibility with enjoying life now, you are setting yourself up for a fulfilling and sustainable future. Keep up the positive outlook and continue making conscientious financial decisions that support your family’s well-being. Remember, money is a tool to enhance your quality of life, so use it wisely to create lasting memories and happiness for your family.
Best wishes,
THE MONEY MINDER
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